BIS to launch crypto market intelligence platform

The open-source market intelligence platform will analyse market capitalisations, economic activity, and financial stability

By Shashank Bhardwaj

Image: Shutterstock

The Bank for International Settlements (BIS) Innovation Hub announced the launch of a new crypto market intelligence platform and security for retail central bank digital currency (CBDC), which will be a part of a set of projects concerning traditional and crypto payments.

The crypto market intelligence platform will be a part of the Eurosystem Center initiative, which aims to provide screened data on crypto projects. The initiative is a consequence of the aftermath of many stablecoin projects and DeFi (decentralised finance) platforms, like Terra and USDD, collapsing, triggering the market crash.

The BIS's decision to start a market intelligence initiative goes against the existing norm that requires unregulated enterprises to disclose information via a self-reporting system related to trading volumes, market capitalisation, and asset cryptography employed by traditional financial institutions for securing and backing data.

The BIS also emphasised how easily quantum computers can overcome the settling payments. The project under the Eurosystem Centre will focus on testing various cryptographic solutions and analysing the overall performance of traditional systems. The official statement by BIS about the project stated, "The project's goal is to create an open-source market intelligence platform to shed light on market capitalisations, economic activity, and risks to financial stability."

Along with the Eurosystem projects, BIS's Innovation Hub's centre in Hong Kong will collaborate on a new study on CBDCs and cybersecurity with the Bank of Israel and the Hong Kong Monetary Authority (HKMA). It will also work on developing the prototype of the second phase of its green finance project Genesis, where it will work with the United Nations Framework Convention on Climate Change (UNFCCC).

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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